XML 60 R51.htm IDEA: XBRL DOCUMENT v3.24.1.u1
Borrowings (Tables)
 9 Months Ended 12 Months Ended
Dec. 31, 2023
Mar. 31, 2023
Debt Disclosure [Abstract]    
Schedule of Long Term Borrowings
A.
Long-term borrowings consist of the following:

 

 

As of
December 31,
2023

 

 

As of
March 31,
2023

 

Secured debentures (note a)

 

 

2,260,838

 

 

 

3,198,569

 

Loans from banks (note b)

 

 

337,561

 

 

 

307,228

 

Convertible debenture (note c)

 

 

403,167

 

 

 

—

 

Less: current portion of long-term borrowings

 

 

(2,393,383

)

 

 

(2,852,528

)

 

 

608,183

 

 

 

653,269

 

 

As of
March 31,
2023

 

 

As of
March 31,
2022

 

A Long term borrowings consist of the following:

 

 

 

 

 

 

Convertible notes (note a)

 

 

—

 

 

 

23,032,002

 

Secured debentures (note b)

 

 

3,198,569

 

 

 

—

 

Loans from banks (note c)

 

 

307,228

 

 

 

159,951

 

Less: current portion of long-term borrowings

 

 

(2,852,528

)

 

 

(63,983

)

 

 

653,269

 

 

 

23,127,970

 
Schedule of Convertible Notes Measured at Fair Value  

As of March 31, 2022, the Company’s convertible notes, which have been measured at fair value, consisted of the following:

 

Particulars

 

As of
March 31,
2023

 

 

As of
March 31,
2022

 

Convertible Note 2019

 

 

—

 

 

 

5,379,110

 

Convertible Note 2020

 

 

—

 

 

 

17,652,892

 

 

 

—

 

 

 

23,032,002

 
Schedule of Secured Debentures
a.
Secured debentures:

 

Particulars

 

Interest
rate

 

 

Maturity
date

 

Amount
outstanding

 

Secured debentures

 

 

19.50

%

 

31-May-24

 

 

597,282

 

 

 

19.50

%

 

31-Jul-24

 

 

337,951

 

 

 

19.25

%

 

31-May-24

 

 

424,509

 

 

 

20.00

%

 

31-Jan-24

 

 

901,096

 

 

 

 

 

 

 

 

2,260,838

 
b.
Secured debentures:

 

Particulars

 

Interest
rate

 

 

Maturity date

 

Amount
outstanding

 

 

 

19.50

%

 

31-May-24

 

 

1,494,126

 

 

 

19.25

%

 

31-May-24

 

 

792,145

 

Secured debentures

 

 

20.00

%

 

31-Jan-24

 

 

912,298

 

 

 

 

 

 

 

 

3,198,569

 
Schedule of Loans from Banks
b.
Loans from banks:

 

Particulars

 

Interest
rate

 

 

Maturity
date

 

Amount
outstanding

 

Long-term borrowings from banks

 

 

 

 

 

 

 

 

 

 

16.00

%

 

5-Mar-24

 

 

2,321

 

 

 

16.50

%

 

5-Mar-24

 

 

2,906

 

 

 

15.50

%

 

6-Sep-25

 

 

19,179

 

 

 

18.00

%

 

5-Sep-25

 

 

19,438

 

 

 

16.00

%

 

9-Apr-24

 

 

10,005

 

 

 

18.50

%

 

2-Nov-25

 

 

16,095

 

 

 

19.50

%

 

2-Oct-25

 

 

12,288

 

 

 

15.50

%

 

6-Sep-25

 

 

19,179

 

 

 

14.75

%

 

5-Jun-24

 

 

7,627

 

 

 

17.00

%

 

5-Oct-24

 

 

13,637

 

 

 

15.85

%

 

4-May-26

 

 

44,373

 

 

 

8.75

%

 

10-Aug-30

 

 

115,619

 

 

 

15.75

%

 

5-Aug-26

 

 

54,894

 

 

 

 

 

 

 

 

337,561

 
c.
Loan from banks:

 

Particulars

 

Interest
rate

 

 

Maturity date

 

Amount
outstanding

 

 

 

18.00

%

 

5-Sep-25

 

 

26,403

 

 

 

16.00

%

 

5-Mar-24

 

 

9,295

 

 

 

16.50

%

 

5-Mar-24

 

 

11,639

 

 

 

15.50

%

 

6-Sep-25

 

 

26,265

 

 

 

13.50

%

 

5-Oct-25

 

 

54,063

 

 

 

16.00

%

 

9-Apr-24

 

 

19,120

 

Long term borrowings from banks

 

 

18.50

%

 

2-Nov-25

 

 

21,265

 

 

 

19.50

%

 

2-Oct-25

 

 

16,387

 

 

 

15.50

%

 

6-Sep-25

 

 

26,265

 

 

 

14.75

%

 

5-Jun-24

 

 

18,294

 

 

 

17.00

%

 

5-Oct-24

 

 

24,786

 

 

 

 

15.85

%

 

23-Feb-26

 

 

53,446

 

 

 

 

 

 

 

 

307,228

 

 
Schedule of Maturities of Long-term Borrowings Excluding Convertible Notes

As of December 31, 2023, the aggregate maturities of long-term borrowings (excluding convertible notes) are as follows:

 

Period ending March 31, 2024

 

 

2,298,943

 

Period ending March 31, 2025

 

 

117,270

 

Period ending March 31, 2026 and onwards

 

 

585,353

 

 

 

3,001,566

 

As of March 31, 2023, the aggregate maturities of long-term borrowings (excluding convertible notes) are as follows:

 

Period ending March 31, 2024

 

 

2,852,528

 

Period ending March 31, 2025

 

 

588,439

 

Period ending March 31, 2026

 

 

61,232

 

 

 

3,502,199

 
Schedule of Short Term Borrowings
B.
Short-term borrowings

 

 

As of
December 31,
2023

 

 

As of
March 31,
2023

 

Loans from banks (note a)

 

 

1,901,497

 

 

 

84,587

 

Loans from related parties

 

 

299,031

 

 

 

485,747

 

Loans from others (note b)

 

 

12,965,327

 

 

 

4,305,467

 

 

 

15,165,855

 

 

 

4,875,801

 

 

As of
March 31,
2023

 

 

As of
March 31,
2022

 

B Short term borrowings

 

 

 

 

 

 

Loan from banks (note a)

 

 

84,587

 

 

 

107,528

 

Loan from related parties

 

 

485,747

 

 

 

156,215

 

Loan from others (note a)

 

 

4,305,467

 

 

 

267,297

 

 

 

4,875,801

 

 

 

531,040

 
Summary of Loans from Banks and Others
a)
Loans from banks and others

 

Particulars

 

Weighted average
borrowing rate

 

Short-term borrowings from banks and others

 

 

12.73

%
a)
Loan from banks and others

 

Particulars

 

Weighted average
borrowing rate

 

Short term borrowings from banks and others

 

 

16.40

%
Summary of Estimated Fair Value of Working Capital Loan

Since the Warrants are listed under ticker symbol RDZNW, the market price method was used to compute the fair market value of the warrants resulting from the conversion of the convertible promissory note on the reporting date. A comparison of the assumptions used in calculating estimated fair value of working capital loan as of December 31, 2023 is as follows:

 

Closing price

 

$

0.07

 

Open price

 

$

0.07

 

High

 

$

0.07

 

Low

 

$

0.07